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Friday, March 29, 2024

SEC revokes registration of Pigdeals

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The Securities and Exchange Commission (SEC) has revoked the corporate registration of Pigdeals International Holdings Inc., a company that uses a Ponzi-like scheme to obtain investments from the public in exchange for raising piglets.

The company promises to almost double investments in three months. Pigdeals offers investment packages worth P2,500 each, supposedly to cover the costs of raising and selling one piglet, with a promised net profit of 80 percent or P4,500 after 3 months.

In the course of its investigation, the SEC’s Enforcement and Investor Protection Department found that Pigdeals does not have the license to operate agricultural lands, animal farms, and ranches, among others, from the Bureau of Animal Industry.

Pigdeals has neither registered any securities nor applied for the necessary license to offer such securities for sale, the agency said.

The company’s scheme also involved securities, particularly an investment contract, in which a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others.

The SEC said Pigdeals employed a scheme similar to that of Organico Agribusiness Ventures Corp. whose corporate registration was revoked on November 5, 2019.

Read full article on BusinessMirror

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